Completing A Self-Assessment Personal Tax Return

Completing a self-assessment personal tax return involves several steps.

Keep in mind that tax regulations may change, so it is always a good idea to consult with an accountant or refer to the latest guidance from HMRC.

Here is a brief summary of the process involved.  

1.     Determine if you need to file a tax return.

You generally need to file a tax return if you are self-employed, a company director, received non PAYE income, or your income is over £100,000 per year.

2.     Register for Self Assessment.

If you're not already registered, you need to register for self-assessment with HMRC. You can do this on the HMRC website - https://www.gov.uk/register-for-self-assessment

3.     Gather the necessary documents.

Collect any relevant documents such as a P60, P45, P11D, bank statements, records of income and expenses, rental statements, etc.

4.     Income reporting.

Report all sources of income in the personal tax return, including; PAYE employment income, self-employment income, rental income, pensions, self-employment, dividends and other sources.

5.     Claim allowances and reliefs.

Ensure that you claim all applicable allowances and reliefs to reduce your personal tax liability. This may include personal allowances, dividend allowances, etc.

6.     Report expenses.

If you are self-employed or a landlord, report allowable business expenses. Keep detailed records of your expenses to support your claims.

7.     Capital gains.

If you have disposed of any assets and made a capital gain, report this on your personal tax return. Capital gains tax may apply.

8.     Check, submit and pay any tax due.

Review your personal tax return to ensure accuracy. Once you are satisfied, submit the return online via your HMRC personal tax account.

Make sure that you submit the tax return and pay any tax due before the 31st January deadline.

Late submission may result in penalties, so it is essential to plan ahead and ensure you meet the relevant submission and payment deadlines.

9.     Keep records.

        Keep copies of supporting documents for at least six years.

Remember to seek professional advice if your tax situation is complex or if you are unsure about what to include in your tax return.

For help and guidance on personal tax returns you can contact us by emailing hello@matrixaccountancyservices.com or by calling 01788 486065.